Oil Search raising $825m

摘要

Oil Search is raising around US $825m after ceasing farm out talks for a minority stake the Papua New Guinea LNG (PNG LNG) project. Oil Search had been in talks to sell a 3.5% stake of its total 34% interest to Abu Dhabi government-owned International Petroleum Investment Co (IPIC). However, both parties agreed to end the deal as regulatory delays would have prevented Oil Search from finalising financing ahead of the 8 December Final Investment Decision (FID) target date set by ExxonMobil, Oil Search said in a statement.